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Tuesday, 2 August 2016

EUR/USD H1 Analysis Update









General overview for 02/08/2016:

There are two possible Elliott wave scenarios regarding the upcoming termination of the counter- trend wave 2 and price reversal in order to return to the main trend (which is DOWNSIDE):
- Main Scenario - Green Arrows - indicates a possible congestion area in corrective sub-cycle in wave (iv) and then one more wave to the upside towards the level of 1.1254. The corrective structure, therefore, would be in  a shape of (a)(b)(c) Irregular Flat
- Alternative Scenario - Red Arrows - indicates a possible termination of an abc-x-abc double three upward wave progression when the level of 61%Fibo is hit.The reversal should happen in impulsive fashion and it should break out below the level of 1.1197 and 11.1154 like no tomorrow.

Resistance/Support:
1.1303 - WR1
1.1254 1.1228 - Fibo retracement zone
1.1216 - 161%Fibo Ext of the previous structure
1.1190 - Intraday Support
1.1154 - Intraday Support
1.1129 - Weekly Pivot
1.1060 - WS1

Trading recommendations:
Due to the fact that the higher time frame trend is still down and there are some indications that a corrective cycle might be completed, sell orders are preferred from the grey zone area with a rather tight SL*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. 


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